Signals vs Noise Article







April 2003 Stock Report (Revised)



Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
GENOME THERAPEUTICS CORP $2.25 52% -43% $53 $34 $20 $16 204 $0.1 -$40.3 0.8 1.2
HUMAN GENOME SCIENCES $10.91 58% -31% $1,406 $1,202 $204 $503 1010 $0.2 -$300.3 4.0 0.8
INCYTE CORP $3.20 37% -61% $227 $376 -$149 $172 585 -$0.3 -$153.6 2.4 0.3
MILLENNIUM PHARMACEUTICALS $10.82 54% -46% $3,163 $1,563 $1,600 $83 2079 $0.8 -$392.0 4.0 0.7
MYRIAD GENETICS $10.98 42% -54% $297 $155 $141 $0 491 $0.3 -$27.6 5.6 1.1
1st Generation Genomics Average . 48% -47% $1,029 $666 $363 $155 . $0.2 -$182.8 3.4 0.8
1st Generation Genomics Median . 53% -44% $262 $266 $81 $50 . $0.2 -$97.0 3.2 0.9
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ACLARA BIOSCIENCES $2.14 74% -14% $76 $97 -$21 $1 170 -$0.1 -$44.8 2.2 0.3
AFFYMETRIX $17.64 59% -30% $1,037 $353 $684 $370 905 $0.8 na na 2.9
CALIPER TECHNOLOGIES $3.56 31% -66% $88 $109 -$21 $0 132 -$0.2 -$37.5 2.9 0.3
CEPHEID $3.55 54% 0% $115 $9 $105 $2 143 $0.7 -$23.0 0.4 1.4
CIPHERGEN BIOSYSTEMS $4.55 69% -26% $124 $30 $95 $0 229 $0.4 -$31.6 0.9 0.7
COMBIMATRIX $2.24 45% na $51 na na na na na na na na
COMPUGEN $2.42 79% -10% $63 na na na 176 na na na na
ILLUMINA $1.89 21% -78% $62 $38 $24 $25 179 $0.1 -$30.4 1.2 0.8
NANOGEN $1.52 37% -54% $34 $30 $4 $0 194 $0.0 -$32.9 0.9 0.2
ORCHID BIOSCIENCES $0.42 17% -82% $23 na na $4 595 na -$89.1 na 0.1
SEQUENOM $2.08 34% -65% $82 $72 $10 $6 272 $0.0 -$68.0 1.1 0.2
TRANSGENOMIC $1.14 17% -81% $27 $9 $18 $0 308 $0.1 -$18.9 0.5 0.2
Genomic Supply Average . 45% -46% $149 $83 $100 $41 . $0.2 -$41.8 1.3 0.7
Genomic Supply Median . 45% -42% $63 $34 $14 $1 . $0.1 -$32.3 1.0 0.3
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
APPLIED MOLECULAR EVOLUTION $3.04 41% -59% $63 $51 $11 $10 106 $0.1 -$15.9 3.2 0.4
ARENA PHARMACEUTICALS $6.50 76% -20% $185 $196 -$11 $0 209 -$0.1 -$41.1 4.8 0.6
CELERA GENOMICS GROUP $9.78 62% -37% $699 na na na na na na na na
CURAGEN CORP $4.63 42% -46% $229 $431 -$203 $150 454 -$0.4 -$79.5 5.4 0.5
DECODE GENETICS $2.06 37% -63% $110 $102 $9 $0 592 $0.0 -$84.0 1.2 0.3
DELTAGEN $0.42 7% -93% $16 $50 -$33 $2 356 -$0.1 -$88.0 0.6 0.1
EXELIXIS $7.68 73% -22% $458 $216 $242 $59 550 $0.4 -$83.4 2.6 1.0
GENAISSANCE PHARMACEUTICALS $1.28 49% -44% $29 $34 -$5 $5 104 $0.0 -$21.4 1.6 0.1
GENE LOGIC $5.34 33% -66% $145 $167 -$22 $1 264 -$0.1 -$20.7 8.1 0.4
GENENCOR INTERNATIONAL $10.60 85% 0% $621 $171 $450 $85 1144 $0.4 na na 1.2
LARGE SCALE BIOLOGY $0.74 26% -72% $19 $27 -$9 $0 169 -$0.1 -$27.1 1.0 0.1
LEXICON GENETICS $4.61 56% -42% $241 $114 $128 $0 507 $0.3 -$67.2 1.7 0.7
LYNX THERAPEUTICS $2.28 19% -78% $11 $13 -$2 $1 182 $0.0 -$13.1 1.0 0.1
MAXYGEN $8.07 66% -12% $279 $229 $51 $0 308 $0.2 -$29.2 7.8 0.7
NUVELO $1.28 31% -69% $81 $4 $76 $0 224 $0.3 -$5.8 0.7 0.1
PARADIGM GENETICS $0.83 44% -54% $27 $9 $17 $4 253 $0.1 -$15.7 0.6 0.3
RIGEL PHARMACEUTICALS $0.75 15% -84% $232 $37 $195 $0 147 $1.3 -$40.6 0.9 1.7
SANGAMO BIOSCIENCES $2.60 30% -70% $64 $52 $12 $0 90 $0.1 -$83.8 0.6 0.5
ZYMOGENETICS $9.98 82% -15% $458 $215 $243 $0 309 $0.8 -$57.9 3.7 1.1
Genomic Targets Average . 46% -50% $209 $118 $64 $18 . $0.2 -$45.6 2.7 0.5
Genomic Targets Median . 43% -50% $128 $52 $11 $1 . $0.1 -$34.9 1.4 0.5
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
EDEN BIOSCIENCES $1.72 51% -41% $42 $35 $7 $0 98 $0.1 -$18.6 1.9 0.3
EMBREX $8.11 32% -64% $66 $8 $58 $0 221 $0.3 na na 1.1
IDEXX LABORATORIES $36.19 95% 27% $1,231 $128 $1,104 $0 2170 $0.5 na na 3.7
IMMUCELL CORP $2.00 64% -35% $6 $4 $2 $0 11 $0.2 -$3.6 1.2 0.1
NEOGEN $15.05 95% 2% $92 $7 $85 $0 265 $0.3 na na 3.8
Agbio/enviro. Average . 67% -22% $288 $36 $251 $0 . $0.3 -$11.1 1.5 1.8
Agbio/enviro. Median . 79% -16% $54 $7 $33 $0 . $0.3 -$3.6 1.2 1.0
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALEXION PHARMACEUTICALS $12.91 62% -30% $235 $283 -$48 $124 172 -$0.3 -$86.6 3.3 0.6
ATHEROGENICS $9.11 84% 13% $332 $41 $291 $0 79 $3.7 -$27.7 1.5 2.7
AUTOIMMUNE $0.95 83% 2% $16 $10 $6 $0 2 $2.9 -$1.0 10.4 0.1
CONNETICS CORP $15.75 90% 31% $495 $33 $461 $0 190 $2.4 -$22.4 1.5 2.9
CORTECH $2.60 69% -30% $9 $0 $9 $0 na na na na 94.0
CYPRESS BIOSCIENCE $2.27 62% -34% $30 $14 $16 $0 9 $1.8 -$7.2 1.9 0.3
ICOS CORP $25.13 62% -2% $1,562 $200 $1,362 $0 525 $2.6 -$136.0 1.5 2.0
INKINE PHARMACEUTICAL CO $2.30 92% 54% $87 $7 $79 $0 12 $6.6 -$5.9 1.3 1.5
LA JOLLA PHARMACEUTICAL CO $1.92 22% -74% $82 $65 $16 $0 118 $0.1 -$42.7 1.5 0.4
PROTEIN DESIGN LABS $9.32 50% -48% $831 $624 $207 $159 363 $0.6 -$32.0 19.5 1.3
TANOX $13.11 93% 10% $574 $235 $339 $5 114 $3.0 -$30.6 7.7 1.8
Autoimmune Average . 70% -10% $387 $138 $249 $26 . $2.3 -$39.2 5.0 9.8
Autoimmune Median . 76% 0% $161 $37 $48 $0 . $2.4 -$27.7 1.5 1.4
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALLOS THERAPEUTICS $1.95 20% -75% $50 $60 -$10 $0 61 -$0.2 -$21.2 2.8 0.3
ANTIGENICS $9.25 74% -21% $364 $70 $294 $0 208 $1.4 -$54.2 1.3 1.3
APHTON CORP $3.63 31% -63% $90 $9 $81 $0 50 $1.6 -$43.7 0.2 0.7
ARIAD PHARMACEUTICALS $2.19 40% -55% $76 $28 $48 $6 69 $0.7 -$31.3 0.9 0.5
AVAX TECHNOLOGIES $0.26 38% -46% $5 $6 -$1 $0 43 $0.0 -$10.4 0.6 0.1
AVI BIOPHARMA $7.05 92% -2% $187 $22 $165 $0 85 $1.9 -$28.2 0.8 1.4
BIOMIRA $1.20 29% -53% $64 $60 $4 $0 158 $0.0 -$12.7 4.7 1.0
BOSTON LIFE SCIENCES $1.39 70% -23% $45 $0 $45 $0 14 $3.2 na na na
BRITISH BIOTECH PLC $2.20 29% -69% $37 $60 -$23 $5 96 -$0.2 -$59.4 1.0 0.1
CELGENE CORP $27.88 96% 41% $2,243 $289 $1,954 $0 383 $5.1 -$4.1 69.7 4.1
CELL PATHWAYS $1.10 29% -68% $43 $17 $26 $0 77 $0.3 -$18.9 0.9 0.3
CELL THERAPEUTICS $8.43 66% -32% $279 $169 $110 $0 238 $0.5 -$121.6 1.4 0.7
CORIXA CORP $6.77 73% 23% $340 $89 $252 $7 366 $0.7 -$77.8 1.1 0.3
CYTOGEN CORP $4.00 22% -76% $35 $16 $19 $3 74 $0.3 -$15.9 1.0 0.1
DENDREON $4.87 68% 12% $131 $55 $76 $0 144 $0.5 -$20.8 2.6 0.8
DUSA PHARMACEUTICALS $2.03 48% -49% $28 $53 -$25 $2 43 -$0.6 -$14.8 3.6 0.3
ENTREMED $2.52 31% -68% $62 $5 $57 $3 112 $0.5 -$47.0 0.1 0.3
EXEGENICS $0.52 34% -65% $8 $20 -$12 $0 29 -$0.4 -$10.7 1.9 0.1
GENAERA $0.33 10% -85% $12 $12 $0 $0 57 $0.0 -$11.9 1.0 0.1
GENTA $7.40 45% -45% $546 $127 $419 $10 60 $7.0 -$60.4 2.1 1.7
GENZYME MOLECULAR ONCOLOGY $2.36 52% -39% $40 na na na na na na na na
GERON CORP $4.85 61% -39% $121 $48 $73 $16 52 $1.4 -$28.9 1.6 0.5
ILEX ONCOLOGY $10.91 61% -33% $355 $149 $206 $0 310 $0.7 -$41.6 3.6 0.8
IMCLONE SYSTEMS $16.48 85% 2% $1,213 $293 $920 $242 399 $2.3 -$168.0 1.7 3.5
IMMUNOGEN $2.99 35% -64% $129 $119 $10 $0 1618 $0.0 na na 0.1
IMMUNOMEDICS $3.79 25% -71% $189 $34 $155 $0 94 $1.7 -$7.1 4.7 1.2
MAXIM PHARMACEUTICALS $3.55 68% -27% $83 $97 -$15 $1 115 -$0.1 -$37.3 2.6 0.2
MEDAREX $4.15 39% -59% $321 $370 -$49 $175 297 -$0.2 -$216.5 1.7 0.5
NAPRO BIOTHERAPEUTICS $0.60 6% -91% $18 $12 $6 $25 189 $0.0 -$15.8 0.7 0.2
NEOPHARM $13.84 85% -8% $226 $102 $124 $0 72 $1.7 -$41.1 2.5 1.3
NEORX CORP $3.00 72% 20% $81 $12 $68 $5 118 $0.6 -$46.0 0.3 0.4
OSI PHARMACEUTICALS $19.24 57% -40% $701 $434 $267 $0 429 $0.6 -$120.4 3.6 1.0
OXIGENE $1.67 52% -2% $21 $14 $7 $0 14 $0.5 -$6.7 2.1 0.3
PRAECIS PHARMACEUTICALS $4.35 93% 22% $225 $209 $16 $33 127 $0.1 -$22.3 9.4 0.6
PROGENICS PHARMACEUTICALS $8.79 57% -37% $112 $42 $70 $0 80 $0.9 -$25.6 1.6 1.2
QLT PHOTOTHERAPEUTICS $11.70 77% -14% $802 $177 $625 $0 285 $2.2 -$33.3 5.3 2.5
SCICLONE PHARMACEUTICALS $6.47 75% 73% $242 $25 $218 $6 84 $2.6 -$6.7 3.7 1.6
SEATTLE GENETICS $2.45 40% -55% $75 $31 $44 $0 69 $0.6 -$20.4 1.5 0.7
SPECTRUM PHARMACEUTICALS $2.75 5% -84% $8 na na $0 96 na -$9.4 na 0.1
SUPERGEN $3.39 43% -38% $112 $27 $84 $0 115 $0.7 -$80.4 0.3 0.4
XENOVA GROUP PLC $2.35 24% -74% $33 $29 $4 $0 134 $0.0 -$13.9 2.1 1.1
Cancer Average . 50% -36% $238 $87 $162 $13 . $1.0 -$42.3 4.0 0.8
Cancer Median . 51% -39% $101 $45 $62 $0 . $0.6 -$28.2 1.7 0.7
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
CORVAS INTERNATIONAL $2.00 62% -36% $55 $71 -$16 $12 95 -$0.2 -$26.2 2.7 0.2
CV THERAPEUTICS $18.91 62% -35% $521 $420 $101 $196 222 $0.5 -$99.3 4.2 1.0
MEDICINES COMPANY $20.68 100% 111% $844 $44 $801 $0 147 $5.4 -$39.3 1.1 2.4
QUESTCOR PHARMACEUTICALS $0.77 41% -52% $30 $9 $20 $3 38 $0.5 -$4.0 2.3 0.4
SCIOS $44.92 100% 45% $2,115 $66 $2,048 $161 425 $4.8 -$87.3 0.8 3.7
TEXAS BIOTECHNOLOGY CORP $1.76 32% -66% $77 $47 $30 $0 110 $0.3 -$23.4 2.0 0.4
Cardiovascular Average . 66% -6% $607 $110 $497 $62 . $1.9 -$46.6 2.2 1.3
Cardiovascular Median . 62% -35% $77 $47 $30 $3 . $0.5 -$26.2 2.0 1.0
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALBANY MOLECULAR RESEARCH $11.06 45% -54% $354 $121 $233 $5 532 $0.4 na na 1.9
ARGONAUT TECHNOLOGIES $0.84 33% -64% $17 $29 -$12 $0 154 -$0.1 -$21.4 1.3 0.1
ARQULE $3.81 38% -60% $89 $83 $6 $8 385 $0.0 -$21.9 3.8 0.4
ARRAY BIOPHARMA $2.26 19% -77% $63 $47 $16 $0 245 $0.1 -$11.6 4.0 0.5
BIOCRYST PHARMACEUTICALS $1.91 45% -52% $34 $27 $7 $0 77 $0.1 -$13.7 2.0 0.3
DISCOVERY PARTNERS $3.25 49% -34% $79 $70 $9 $0 225 $0.0 -$3.2 21.6 0.4
KOSAN BIOSCIENCES $6.97 75% -13% $178 $53 $124 $0 68 $1.8 -$12.7 4.2 1.2
PHARMACOPEIA $8.90 71% -23% $210 $142 $68 $0 800 $0.1 -$25.3 5.6 0.7
SYMYX TECHNOLOGIES $15.00 72% -24% $465 $118 $347 $0 213 $1.6 na na 3.0
VERTEX PHARMACEUTICALS $11.68 49% -45% $894 $651 $242 $315 1000 $0.2 -$133.8 4.9 1.1
Chemistry Average . 50% -45% $238 $134 $104 $33 . $0.4 -$30.4 5.9 1.0
Chemistry Median . 49% -45% $89 $70 $16 $0 . $0.1 -$13.7 4.0 0.7
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ADOLOR $13.65 85% -1% $430 $154 $276 $0 124 $2.2 -$48.2 3.2 1.7
CEPHALON $39.97 66% -32% $2,204 $637 $1,568 $871 1127 $1.4 na na 2.2
DOV PHARMACEUTICALS $5.99 65% na $87 $64 $22 $14 25 $0.9 -$10.4 6.2 1.1
GUILFORD PHARMACEUTICALS $4.99 59% -35% $149 $96 $53 $4 289 $0.2 -$58.3 1.6 0.4
INDEVUS PHARMACEUTICALS $3.87 51% -43% $181 $36 $145 $0 24 $6.1 -$21.7 1.7 0.6
NEUROBIOLOGICAL TECHNOLOGIES $7.27 91% 91% $131 $6 $125 $0 11 $11.3 -$5.3 1.1 2.9
NEUROCRINE BIOSCIENCES $44.70 89% 36% $1,373 $245 $1,128 $0 276 $4.1 -$155.1 1.6 3.2
NYMOX PHARMACEUTICAL $3.60 63% -3% $83 $1 $82 na 60 $1.4 na na na
PAIN THERAPEUTICS $3.05 30% -70% $83 $54 $29 $0 33 $0.9 -$12.2 4.4 0.8
PHARMOS CORP $0.88 57% -14% $54 $25 $29 $0 70 $0.4 -$21.8 1.2 0.5
STEMCELLS $0.77 34% -63% $21 $7 $14 $0 33 $0.4 -$10.9 0.6 0.1
TITAN PHARMACEUTICALS $1.59 25% -73% $44 $81 -$37 $0 58 -$0.6 -$29.2 2.8 0.2
CNS Average . 60% -19% $403 $117 $286 $81 . $2.4 -$37.3 2.4 1.3
CNS Median . 63% -23% $87 $54 $53 $0 . $1.0 -$21.7 1.6 0.9
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
BIOSOURCE INTERNATIONAL $5.00 71% -17% $48 $6 $42 $0 257 $0.2 na na 1.1
GTC BIOTHERAPEUTICS $1.39 49% -50% $39 $66 -$27 $13 168 -$0.2 -$27.9 2.4 0.2
HARVARD BIOSCIENCE $3.11 38% -60% $93 $26 $67 $0 131 $0.5 -$0.3 80.7 0.6
ICON PLC $24.50 75% -19% $289 na na na 1637 na na na na
INVITROGEN CORP $31.45 83% -9% $1,573 $731 $841 $675 2744 $0.3 na na 0.8
MOLECULAR DEVICES CORP $11.20 57% -37% $172 $51 $121 $0 370 $0.3 na na 0.9
NEOSE TECHNOLOGIES $7.17 26% -70% $123 $43 $80 $4 111 $0.7 -$23.8 1.8 0.7
PARAXEL INTERNATIONAL $12.39 78% -20% $314 $80 $234 $1 4930 $0.0 na na 1.9
PHARMACEUTICAL PRODUCT DEVELOP $25.53 79% 1% $1,419 $181 $1,238 $7 4300 $0.3 na na 5.3
QIAGEN NV $5.93 36% -55% $862 $30 $832 $0 1557 $0.5 na na 17.4
QUINTILES TRANSNATIONAL CORP $14.00 92% -1% $1,650 $672 $978 $8 15548 $0.1 na na 1.9
CRO/Service/Supply Average . 62% -31% $598 $189 $441 $71 . $0.3 -$17.3 28.3 3.1
CRO/Service/Supply Median . 73% -20% $231 $51 $121 $1 . $0.3 -$12.1 2.1 1.0
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ABGENIX $9.31 60% -34% $817 $464 $353 $200 324 $1.1 -$135.4 3.4 0.8
AEROGEN $0.19 10% -89% $4 $15 -$11 $0 140 -$0.1 -$22.7 0.7 0.0
ALKERMES $10.00 46% -50% $645 $158 $487 $172 520 $0.9 na na 1.4
ANDRX $15.44 32% -66% $1,108 $157 $951 $0 1837 $0.5 -$132.3 1.2 2.3
ARADIGM CORP $0.99 22% -74% $45 $35 $9 $0 307 $0.0 -$41.1 0.9 0.2
ATRIX LABORATORIES $15.78 63% -34% $324 $112 $212 $0 167 $1.3 -$21.3 5.3 1.3
BIODELIVERY SCIENCES $2.65 70% na $19 $6 $12 $0 8 $1.5 -$5.7 1.1 1.4
CIMA LABS $22.86 78% 14% $327 $73 $254 $0 171 $1.5 na na 1.4
DEPOMED $2.65 50% -49% $44 $9 $35 $0 40 $0.9 -$35.4 0.3 0.6
DOR  BIOPHARMA $0.87 51% -9% $23 $4 $19 $0 22 $0.9 -$2.5 1.6 0.3
DURECT $2.67 29% -68% $135 $43 $92 $1 6 $15.3 -$33.8 1.3 0.7
EMISPHERE TECHNOLOGIES $2.81 18% -82% $50 $18 $32 $32 241 $0.1 -$52.1 0.3 0.2
ENZON PHARMACEUTICALS $13.24 34% -64% $575 $120 $455 $0 127 $3.6 -$61.0 2.0 2.1
FLAMEL TECHNOLOGIES SA $9.60 97% 373% $156 $13 $143 $2 137 $1.0 -$8.9 1.5 3.0
GENEREX BIOTECHNOLOGY $0.88 17% -75% $18 $14 $4 $1 23 $0.2 -$18.3 0.8 0.2
GENETRONICS BIOMEDICAL LTD $0.28 42% -38% $14 $2 $12 $0 27 $0.4 -$5.6 0.4 0.3
KOS PHARMACEUTICALS $18.02 69% -31% $375 $20 $356 $0 726 $0.5 na na 1.7
MACROCHEM CORP $1.15 38% -48% $32 $10 $22 $0 32 $0.7 -$6.1 1.7 0.4
MEDICIS PHARMACEUTICAL $56.87 100% 6% $1,540 $579 $961 $400 279 $3.4 na na 3.5
NASTECH PHARMACEUTICAL $7.90 48% -35% $81 $14 $66 $5 72 $0.9 -$13.6 1.0 1.3
NEKTAR THERAPEUTICS $8.09 81% 2% $450 $314 $137 $299 694 $0.2 -$106.1 3.0 0.6
NOVAVAX $4.05 67% -19% $120 $8 $113 $40 173 $0.7 -$26.9 0.3 1.2
NOVEN PHARMACEUTICALS $14.45 53% -28% $326 $60 $266 $0 252 $1.1 na na 4.2
SEPRACOR $19.00 99% 50% $1,603 $553 $1,049 $999 930 $1.1 -$94.4 5.9 2.0
SHEFFIELD PHARMACEUTICALS $0.25 12% -87% $7 $0 $7 $12 16 $0.4 -$5.2 0.1 0.1
Delivery Average . 51% -22% $353 $112 $241 $86 . $1.5 -$41.4 1.6 1.2
Delivery Median . 51% -35% $127 $19 $102 $1 . $0.9 -$22.7 1.1 1.1
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ADVANCED MAGNETICS $4.25 80% 10% $28 $17 $11 $0 24 $0.5 -$1.5 11.6 0.6
BIOSITE $41.55 94% 33% $621 $68 $552 $5 351 $1.6 na na 8.0
CHOLESTECH CORP $10.30 51% -43% $140 $16 $124 $0 220 $0.6 -$14.8 1.1 1.7
DIAGNOSTIC PRODUCTS CORP $39.28 74% -18% $1,124 $43 $1,081 $0 1955 $0.6 na na 19.3
DIGENE CORP $18.64 76% -18% $338 $32 $306 $3 243 $1.3 -$5.4 6.0 2.9
ENZO BIOCHEM $14.34 73% -21% $408 $73 $335 $0 231 $1.5 na na 2.5
EPIX MEDICAL $9.65 66% -27% $165 $36 $129 $0 88 $1.5 -$22.4 1.6 1.4
EXACT SCIENCES $9.67 56% -18% $184 $44 $141 $0 75 $1.9 na na 1.6
GEN-PROBE $25.45 89% na $606 $107 $499 $0 186 $2.7 na na 3.2
HYCOR BIOMEDICAL $2.64 64% 0% $21 $6 $16 $1 149 $0.1 na na 1.6
IGEN INTERNATIONAL $34.69 76% -16% $824 $42 $782 $45 370 $2.1 -$17.2 2.4 3.4
IMMUCOR $19.10 74% 98% $244 $2 $242 $0 30 $8.1 na na 26.4
LUMINEX $5.85 72% -9% $173 $40 $133 $0 183 $0.7 -$22.1 1.8 1.4
MARTEK BIOSCIENCES CORP $32.11 98% 11% $756 $22 $734 $0 198 $3.7 na na 3.2
MATRITECH $1.89 58% -17% $61 $3 $58 $0 44 $1.3 -$8.5 0.3 0.8
MERIDIAN BIOSCIENCE $8.95 99% 19% $131 $4 $127 $24 350 $0.4 na na 5.5
ORASURE $7.01 81% -4% $269 $13 $256 $3 221 $1.2 -$1.5 8.6 1.8
OSTEX INTERNATIONAL $1.77 71% -21% $22 $1 $21 $1 46 $0.5 -$4.5 0.2 0.5
QUIDEL CORP $4.65 66% -31% $134 $5 $130 $0 336 $0.4 -$4.8 1.0 1.0
SONUS PHARMACEUTICALS $3.55 66% -18% $49 $16 $32 $0 37 $0.9 -$9.6 1.7 0.9
TRINITY BIOTECH PLC $2.72 96% 80% $110 $1 $109 $0 332 $0.3 na na 5.1
Diagnostic/imag. Average . 75% 0% $305 $28 $277 $4 . $1.5 -$10.2 3.3 4.4
Diagnostic/imag. Median . 74% -16% $169 $17 $131 $0 . $1.1 -$6.9 1.7 1.7
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AASTROM BIOSCIENCES $0.40 56% -43% $21 $7 $14 $0 44 $0.3 -$9.1 0.7 0.2
AVIGEN $2.84 25% -74% $57 $125 -$68 $0 143 -$0.5 -$28.4 4.4 0.2
CELL GENESYS $8.68 57% -39% $321 $226 $95 $0 262 $0.4 -$50.8 4.4 1.1
CORAUTUS GENETICS $1.55 25% -72% $5 $8 -$2 $0 43 -$0.1 -$10.8 0.7 0.1
DIACRIN $3.46 100% 112% $62 $40 $22 $0 30 $0.7 -$6.1 6.5 0.6
GENVEC $2.68 61% -12% $61 $21 $40 $5 83 $0.5 -$27.7 0.7 0.5
INTROGEN $2.60 53% -40% $56 $31 $25 $7 77 $0.3 -$22.8 1.4 0.6
SIRNA THERAPEUTICS $4.38 43% -48% $21 $15 $6 $5 130 $0.0 -$27.3 0.6 0.1
TARGETED GENETICS CORP $0.71 39% -59% $36 $17 $19 $23 173 $0.1 -$19.3 0.9 0.2
TRANSGENE SA $1.15 42% -53% $35 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $6.04 14% -85% $211 $288 -$78 $0 376 -$0.2 -$83.6 3.5 0.3
VALENTIS $2.70 3% -96% $3 $8 -$5 $0 58 -$0.1 -$20.5 0.4 0.0
VICAL $3.30 35% -65% $66 $120 -$53 $0 152 -$0.4 -$40.9 2.9 0.3
Gene therapy Average . 43% -44% $73 $75 $1 $3 . $0.1 -$29.0 2.3 0.4
Gene therapy Median . 43% -50% $46 $21 $6 $0 . $0.1 -$22.8 1.0 0.3
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AVANT IMMUNOTHERAPEUTICS $1.45 74% -18% $88 $26 $61 $0 71 $0.9 -$1.1 23.8 0.4
CUBIST PHARMACEUTICALS $8.13 48% -42% $241 $147 $93 $209 180 $0.5 -$68.0 2.2 1.0
EPIMMUNE $1.04 42% -55% $13 $12 $1 $0 52 $0.0 -$6.0 2.0 0.1
GENELABS TECHNOLOGIES $1.57 44% 107% $84 $12 $72 $0 90 $0.8 -$17.2 0.7 0.4
IMMUNE RESPONSE CORP $1.35 38% -38% $27 $1 $25 $3 129 $0.2 -$22.0 0.1 0.1
INTERMUNE $18.62 49% -30% $590 $343 $247 $150 210 $1.2 -$39.0 8.8 1.2
INTRABIOTICS $0.22 4% -95% $1 $35 -$35 $4 31 -$1.1 -$45.1 0.8 0.0
MEDIMMUNE $34.81 96% 4% $8,755 $527 $8,229 $218 1505 $5.5 na na 3.3
NABI BIOPHARMACEUTICALS $6.07 80% -3% $237 $44 $193 $0 615 $0.3 na na 1.4
SIGA TECHNOLOGIES $1.71 72% -27% $23 $1 $22 $0 12 $1.8 -$2.5 0.4 0.7
TRIMERIS $41.65 73% -13% $890 $61 $829 $0 109 $7.6 -$72.6 0.8 3.1
VAXGEN $3.47 15% -62% $55 $26 $29 $0 80 $0.4 -$31.0 0.8 0.4
VICURON $11.80 80% -6% $312 $62 $250 $1 28 $8.9 -$52.5 1.2 1.5
VION PHARMACEUTICALS $0.83 32% -60% $24 $13 $11 $0 50 $0.2 -$9.9 1.3 0.2
VIROLOGIC $1.10 32% -64% $31 $6 $26 $0 204 $0.1 -$22.3 0.3 0.3
VIROPHARMA $3.45 81% -1% $89 $176 -$87 $156 418 -$0.2 na na 0.4
XOMA LTD $5.09 71% 36% $366 $36 $330 $58 193 $1.7 -$49.0 0.7 0.7
Infection Average . 55% -22% $696 $90 $606 $47 . $1.7 -$31.3 3.1 0.9
Infection Median . 60% -23% $86 $31 $45 $0 . $0.7 -$22.3 0.8 0.6
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AMYLIN PHARMACEUTICALS $17.86 94% 88% $1,655 $180 $1,474 $0 150 $9.8 -$125.2 1.4 3.1
BIOMARIN PHARMACEUTICAL $12.06 95% 100% $650 $79 $571 $0 216 $2.6 -$77.3 1.0 2.0
BIO-TECHNOLOGY GENERAL CORP $3.08 49% -37% $181 $20 $161 $14 378 $0.4 na na 0.8
INSMED INC $1.07 36% -61% $36 $0 $35 $0 2 $17.7 -$2.2 0.0 21.0
KERYX BIOPHARMACEUTICALS $1.10 34% -66% $22 $27 -$5 $0 63 -$0.1 -$12.1 2.2 0.3
NPS PHARMACEUTICALS $18.40 56% -38% $647 $158 $489 $0 146 $3.3 -$73.1 2.2 1.7
VIVUS $4.19 52% -33% $138 $24 $115 $0 119 $1.0 -$6.6 3.6 1.0
ZONAGEN $1.55 38% 6% $18 $27 -$10 $0 10 -$1.0 na na 0.2
Metabolic Average . 57% -5% $418 $64 $354 $2 . $4.2 -$49.4 1.7 3.8
Metabolic Median . 52% -33% $138 $27 $115 $0 . $1.0 -$12.1 1.4 1.0
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
BIOPURE CORP $3.59 40% -60% $111 $20 $91 $10 249 $0.4 -$43.1 0.5 0.3
BIORELIANCE CORP $18.85 67% -30% $160 $36 $124 $11 556 $0.2 na na 2.9
BIOTIME $1.79 59% -38% $24 $2 $22 $2 12 $1.9 -$2.3 0.8 0.7
CERUS $8.40 16% -84% $134 $64 $70 $0 158 $0.4 -$63.1 1.0 0.5
COLLAGENEX PHARMACEUTICALS $9.25 82% -5% $106 $5 $100 $0 155 $0.6 na na 1.3
COLUMBIA LABORATORIES $4.09 68% -9% $145 $4 $141 $10 19 $7.4 -$7.5 0.6 1.1
CURIS $2.20 68% 57% $70 $31 $38 $7 64 $0.6 -$82.0 0.4 0.1
CYANOTECH CORP $0.52 44% -50% $10 $1 $9 $4 58 $0.2 -$0.7 0.9 0.4
CYTRX CORP $1.60 95% 58% $34 $2 $32 $0 5 $6.5 -$9.9 0.2 0.4
DISCOVERY LABORATORIES $2.81 87% -12% $92 $11 $81 $0 50 $1.6 -$18.1 0.6 1.2
INSITE VISION $0.63 29% -67% $16 $4 $12 $0 39 $0.3 -$12.4 0.3 0.1
INSPIRE PHARMACEUTICALS $13.97 85% 348% $362 $31 $331 $0 54 $6.1 -$34.1 0.9 2.9
INTEGRA LIFESCIENCES $26.30 100% 35% $719 $99 $620 $0 760 $0.8 na na 2.5
NORTHFIELD LABORATORIES $5.60 63% -21% $80 $12 $68 $0 60 $1.1 -$12.6 1.0 0.7
OSTEOTECH $8.39 74% 5% $143 $19 $124 $17 365 $0.3 na na 2.2
PALATIN TECHNOLOGIES $1.75 58% -35% $50 $12 $38 $0 46 $0.8 -$17.4 0.7 0.5
PHARMACYCLICS $3.65 55% -41% $59 $101 -$42 $0 133 -$0.3 -$27.4 3.7 0.2
REPLIGEN CORP $5.68 93% 93% $155 $18 $138 $0 40 $3.4 -$3.1 5.7 0.9
SALIX PHARMACEUTICALS $10.85 64% -27% $232 $57 $175 $0 110 $1.6 -$34.6 1.7 1.8
SANGSTAT MEDICAL CORP $13.05 51% -44% $345 $107 $238 $15 263 $0.9 na na 1.1
TRIPOS $5.15 19% -79% $46 $10 $36 $3 267 $0.1 -$3.1 3.3 1.3
Other Average . 63% 0% $147 $31 $116 $4 . $1.7 -$23.2 1.4 1.1
Other Median . 66% -24% $99 $15 $76 $0 . $0.8 -$12.6 0.9 1.0
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AMGEN $63.00 98% 19% $81,417 $4,664 $76,753 $3,048 10100 $7.6 na na 4.2
BIOGEN $38.51 75% -11% $5,717 $828 $4,889 $39 1992 $2.5 na na 6.9
CHIRON CORP $40.62 95% 0% $7,595 $874 $6,721 $417 4044 $1.7 na na 3.1
GENENTECH $36.40 92% 3% $18,658 $1,035 $17,623 $0 5252 $3.4 na na 2.8
GENZYME CORP $39.82 96% -3% $8,566 $441 $8,125 $869 5600 $1.5 na na 3.1
GILEAD SCIENCES $46.14 97% 48% $9,159 $942 $8,217 $595 1000 $8.2 na na 9.6
IDEC PHARMACEUTICALS CORP $32.22 57% -41% $4,984 $947 $4,036 $861 692 $5.8 na na 5.5
Revenue-driven Average . 87% 2% $19,442 $1,390 $18,052 $833 . $4.4 na na 5.0
Revenue-driven Average . 95% 1% $8,081 $908 $7,423 $506 . $2.9 $1.0 na 3.7
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
DIVERSA $10.08 83% -8% $423 $164 $259 $11 276 $0.9 -$26.8 6.1 1.6
DYAX $2.08 45% -43% $41 $34 $7 $16 239 $0.0 -$22.7 1.5 0.3
ISIS PHARMACEUTICALS $4.62 36% -64% $256 $292 -$36 $179 434 -$0.1 -$70.3 4.2 0.4
LIGAND PHARMACEUTICALS $8.00 42% -49% $554 $35 $519 $4 351 $1.5 -$28.2 1.3 0.8
NEUROGEN CORP $3.90 30% -67% $70 $84 -$14 $20 200 -$0.1 -$31.2 2.7 0.4
ONYX PHARMACEUTICALS $8.20 89% 3% $195 $50 $144 $5 85 $1.7 -$43.3 1.2 1.0
REGENERON PHARMACEUTICALS $6.44 28% -69% $287 $300 -$13 $200 575 $0.0 -$131.3 2.3 0.5
TULARIK $5.15 41% -55% $284 $175 $109 $9 380 $0.3 -$91.8 1.9 0.7
Screening Average . 49% -44% $264 $142 $122 $55 . $0.5 -$55.7 2.6 0.7
Screening Median . 42% -49% $256 $84 $7 $11 . $0.3 -$31.2 1.9 0.7
                         
Company Close 04/25/03 % 52wk High % change from 04/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
CARRINGTON LABORATORIES $1.24 62% -37% $12 $2 $10 $0 181 $0.1 -$2.2 1.1 0.2
CELLEGY PHARMACEUTICALS $4.14 74% 53% $82 $5 $77 $1 36 $2.1 -$6.5 0.8 0.9
CURATIVE HEALTH SERVICES $15.15 77% 8% $184 $8 $177 $23 302 $0.6 na na 1.8
GENZYME BIOSURGERY $1.76 29% -68% $71 na na na na na na na na
LIFECELL CORP $2.50 76% -16% $53 $5 $48 $1 138 $0.3 na na 0.7
LIFECORE BIOMEDICAL $3.65 31% -68% $47 $1 $46 $6 200 $0.2 na na 1.0
Wound Average . 58% -21% $75 $4 $72 $6 . $0.7 -$4.3 1.0 0.9
Wound Median . 74% -16% $53 $4 $47 $1 . $0.5 -$2.2 1.0 0.9
  .             .        
Grand Average . 57% -26% $823 $136 $710 $55 . $1.3 -$38.6 3.1 1.9
Grand Median . 57% -34% $131 $43 $77 $0 . $0.5 -$26.2 1.6 0.8



originally published 05/06/2003


Copyright © 2012. Signals (signalsmag.com) is an online magazine of analysis for biotechnology executives. To contact the Signals editorial department, send e-mail to signals_edit@deloitte.com. Signals is published by: Recap, 2033 N Main Street, Suite 1050 , Walnut Creek, California 94596-3722, Phone: (925) 952-3870